Bank of Maharashtra issued 3 billion Indian rupees worth of shares to the Indian government on a preferential basis.

The government subscribed to 88,888,888 equity shares of the bank at 33.75 rupees per share. The shares have a lock-in period of three years, the bank said in a stock exchange filing.

With the issuance, the government's shareholding in the bank increased to 82.91% from 81.61%.

As of Aug. 10, US$1 was equivalent to 64.08 Indian rupees.